Unicorn crypto custodian BitGo eyes Q2 IPO

BitGo, a Palo Alto-based crypto custodian, is planning to go public by the second quarter of 2025, more than two years after a failed acquisition attempt by Galaxy Digital.

BitGo, a U.S. crypto custodian valued at $1.75 billion, intends to launch an initial public offering and go public by Q2 2025, Bloomberg reported citing insider sources.

Previously, the California-based firm had negotiated an acquisition with Mike Novogratz’s Galaxy Digital as a path to going public. However, the deal collapsed in August 2022, with Galaxy Digital citing BitGo’s failure to deliver an audited balance sheet.

Despite the setback, BitGo rebounded in 2023, raising $100 million in a Series C funding round. The raise was considered significant at the time, given the wave of crypto collapses in 2022, including FTX and Three Arrows Capital.

Following the Series C round, BitGo’s valuation rose to $1.75 billion, surpassing the $1.2 billion valuation tied to the failed Galaxy Digital deal. The funding also marked BitGo’s first capital raise since 2017.

Several firms have declared IPO plans in recent months. Circle moved its global base to New York anticipating a public offering. eToro has targeted a $5 billion market valuation via  U.S. IPO. The trend was confirmed by NYSE listing chief Chris Taylor in late January. Taylor expects a flurry of IPO filings in 2025.